DEXUS — Major Shareholding Notification 2010

Dec 14, 2010

BAKER & MCKENZIE

Facsimile Transmission

Baker & McKenzie

Level 27 AMP Centre 50 Bridge Street Sydney, NSW 2000, Australia ABN 32 266 778 912

Postal Address: P.O. Box R126 Royal Exchange NSW 1223,

Date	15 December 2010	Fax	Australia
To	Australian Securities Exchange Company Announcements Office	1300 135 638	Tel: +61 2 9225 0200 Fax: +61 2 9225 1595 DX: 218 SYDNEY www.bakernet.com
From	Bill Fuggle
Ref #	12286618-v1
Pages (w/cover)	4

ASIC Form 603 - Notice of initial substantial holder

We enclose ASIC Form 603 (Notice of initial substantial holder) in respect of LaSalle Investment Management (Securities), L.P. and SG Hiscock & Company Limited's (ACN 097 263 628) holding of shares in Dexus Property Group (ASX Code: DXS).

Baker & McKenzie

Re

Bill Fuggle

Partner +61 2 8922 5100 bill.fuggle@bakermckenzie.com

Other Contact Sam Appleton Senior Associate +61 2 8922 5440 sam.appleton@bakermckenzie.com

Privacy and Confidentiality Notice

The information contained in this facsimile is intended for the named recipionts only. It may contain privileged and confidential information and if you are not an intended recipient, you must not copy, distribute or take any action in reliance on it. If you have received this facsimile in error, please notify us immediately by collect telephone call to +61 2 9225 0200 and return the original to the sender by mail. We will reimburse you for the postage.

Baker & McKenzie, an Australian Partnership is a member of Baker & McKenzie International, a Swiss Verein 1286746-v1\SYDDMS\BF1\AUSSAP

Form 603

Corporations Act 2001 Section 671B Notice of initial substantial holder

To Company Name/Scheme	Dexus Property Group
	Level 9, 343 George Street
	Sydney NSW 2000
ACN/ARSN	Dexus Funds Management Limited (ACN 060 920 783) is the responsible entity of the court trusts that comprise Dexus Property Group, being the Dexus Diversified Trust (ARSN 089 324 541), Dexus Industrial Trust (ARSN 090 879 137), Dexus Office Trust (ARSN 090 768 531) and Dexus Operations Trust (ARSN 110 521 223).
Details of substantial holder (1) 1.
Name	LaSalle Investment Management (Securities), L.P. and its associated entity listed in Section 6
ACN (if applicable)

The holder became a substantial holder on $11 / 22 / 10$

Details of voting power $2.$

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Persons' votes(5)	Voting power $(6)$
Ordinary	242,470,867	242,470,867	5.01%

Details of relevant interests 3.

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
LaSalle Investment Management (Securities), LP.	Power to control voting and/or disposal of Securities	Ordinary 226,560,630
SG Hiscock & Company Limited (ACN 097 263 628)	Power to control voting and/or disposal of Securities	Ordinary 15,910,237

Details of present registered holders $\overline{4}$ .

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of	Person entitled to be	Class and number of
	sceurities	registered as holder (8)	securities
LaSalle Investment Management (Securitics), L.P.	Citibank N.A. HSBC Bank Australia Limited	Unknown	Ordinary 4,417,208

		Unknown	Ordinary
			177,611,685
	JPMorgan Chase Bank,
	N.A.	Unknown	Ordinary
			19,501,799
	National Australian Bank Limited
		Unknown	Ordinary
			25,029,938
SG Hiscock & Company	HSBC Bank Australia	Unknown	Ordinary
Limited (ACN 097 263 628)	Limited		6,970,770
	JPMorgan Chase Bank, N.A.	Unknown	Ordinary
			8,939,467

Consideration 5.

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the 4 months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9) securities		Class and number of
		Cash	Non-cash
LaSalle Investment	8/3/10-11/22/10	32,198,718		Ordinary
Management (Securities), LP	Purchases			39,711,617
	7/23/10-11/10/10	6,193,654		Ordinary
	Sales			7,553,092	$\bullet$
SG Hiscock & Company	10/1/10-11/19/10	2,311,129		Ordinary
Limited (ACN 097 263 628)	Purchases			2,920,000
	8/24/10-9/27/10	1,102,065		Ordinary
	Sales			1,325,000

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
SG Hiscock & Company Limited (ACN 097 263 628)	An unrelated investment manager to which LaSalle Investment Management (Securities), L.P. delegates certain investment management discretion for Australian securities

7. Addresses

The addresses of persons named in this form are as follows:

------ Name .	Address
LaSalle Investment Management	100 E. Pratt Street
(Securities), L.P.	$20th$ Floor

. E

	Baltimore, Maryland 21202 United States of America
SG Hiscock & Company Lmited	Level 28 367 Collins Street Melbourne VIC, 3000
Citibank N.A.	Level 15 120 Collins Street Melbourne VIC, 3000
JPMorgan Chase Bank,, N.A.	225 George Street Sydney NSW 2000
HSBC Bank Australia, Limited	580 George Street Sydney NSW 2000
National Australian Bank Limited	800 Bourke Street Docklands VIC 3008

Signature

capacity International Managing Director print name Geoffe J Noon $\mathscr{U}$ 15/12 /2010 date sign here

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